§ 497 — Investigations and examinations

New York § 497

• Jurisdiction: New York
• Law BNK: Banking
• Art. 11-B: Sales Finance Companies

Text

§ 497. Investigations and examinations. 1. The superintendent shall\nhave the power to make such investigations as he shall deem necessary to\ndetermine whether any licensee or any other person has violated any of\nthe provisions of this article or any other law relating to retail\ninstalment sales, contracts, obligations or credit agreements, and to\nthe extent necessary for this purpose, he may require the attendance of\nand examine any person under oath, and shall have the power to compel\nthe production of all relevant books, records, accounts, and documents.\n 2. The superintendent shall have the power to make such examinations\nof the books, records, accounts and documents used in the business of\nany licensee as he shall deem necessary to determine whether such\nlicensee has violated any of the provisions of this article or any other\nlaw relating to retail instalment sales, contracts, obligations or\ncredit agreements.\n 3. The expenses incurred in making any examination pursuant to\nsubdivision two of this section four hundred ninety-seven shall be\nassessed against and paid by the licensee so examined, except that\ntraveling and subsistence expenses so incurred shall be charged against\nand paid by licensees in such proportions as the superintendent shall\ndeem just and reasonable, and such proportionate charges shall be added\nto the assessment of the other expenses incurred upon each examination.\nUpon written notice by the superintendent of the total amount of such\nassessment, the licensee shall become liable for and shall pay such\nassessment to the superintendent.\n 4. All reports of examinations and investigations, and all\ncorrespondence and memoranda concerning or arising out of such\nexaminations or investigations, including any duly authenticated copy or\ncopies thereof in the possession of any licensee or the department of\nfinancial services, shall be confidential communications, shall not be\nsubject to subpoena and shall not be made public unless, in the judgment\nof the superintendent, the ends of justice and the public advantage will\nbe subserved by the publication thereof, in which event he may publish\nor authorize the publication of a copy of any such report or other\nmaterial referred to in this subdivision four, or any part thereof, in\nsuch manner, as he may deem proper.\n